What Role Should Charity Have in the Sale of Your Business?

money management mistakes

How are a charity and the sale of your business even related? One represents the ultimate capitalist success story, and the other is an organization set up to provide help and raise money for those in need. Here’s the link. For many business owners selling your business represents the most significant tax event in your lifetime. Charity represents an excellent … Read More

10 Strategies to Minimize the Emotional Toll of Selling Your Business

10 Strategies to Minimize the Emotional Toll of Selling Your Business   Running a business is stressful.  Selling a business can be equally daunting.  It’s important to acknowledge and prepare for these changes as a former business owner.  There are several similarities between business owners when dealing with company succession plans. There often isn’t a complete succession plan in place. There’s … Read More

No One Wakes Up and Suddenly Decides to Become Charitable One Day

become charitable

In the past, I would never describe myself as being particularly charitable. It’s not that I wasn’t compassionate or I was completely selfish, but to be honest, I didn’t think that anything I contributed towards charity would make a meaningful difference. I wasn’t able to write a significant cheque. The other reason, there wasn’t a particular cause that I was … Read More

How the Individual Pension Plan Helps Business Owners Retire Wealthier?

In life and business, failure teaches us some incredible lessons.  Many of the ideas that I talk to business owners about today come from the mistakes that I made in my first business.  In one breath, I wish that I could have started my current business 20 years ago, however, if I had not experienced the challenges and hardships experienced … Read More

Business Owner Alert: Seeking Something Amazing if You’ve Maxed Out Your RRSPs?

Maxed Out RRSPs

The challenge for many business owners, they either haven’t contributed enough to one’s RRSP, or they’ve maxed out your RRSP contributions for the year.  The challenge is RRSP contribution room is derived from one’s T4 income from previous years.  If you choose to take money from your business in the form of a dividend, this doesn’t count towards RRSP eligible … Read More

Does your Business Qualify for the Small Business Capital Gains Exemption?

Small Business Capital Gains

Selling Your Business Doesn’t Mean You Qualify for the Small Business Capital Gains Exemption As a business owner, you may be aware that when you dispose of shares in your business, you could receive an exemption on all or a portion of the capital gains that ordinarily would be taxable. This is due to the Lifetime Capital Gains Exemption which … Read More